Marketing research is the process of gathering information about your customers, or market, in order to make better decisions about how to promote your business. Marketing research helps business owners and managers make strategic decisions and limit risk. With marketing research as a foundation, a business can grow safely, and continue to offer their services and honor their commitments to their community for generations.
Market research is a bit broader in overall scope when compared to, say, business research. Marketing research covers and examines every aspect of a business environment, asking the right questions about the competition, structure, regulations, economic trends, advances in technology, and more. There are a lot of factors that play into marketing research and running a business.
In some ways, marketing research may focus on a financial analysis of the competition or entire industry sector. An analyst would carry out this specific form of research. The results would then be presented to decision makers to help grow a business or industry.
Within the world of marketing research, there are various categories that the overall system can be broken down into. These include secondary research, surveys, focus groups, interviews, observation, and field trials. Each stage has been proven to bring back results and information where it counts the most. For example, field trials can effectively discover whether a specific direct mail product will do well in a specific region.